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US TSYS: Minor Paring Of Last Week’s Slide

US TSYS
USBulletMarketsFixed Income BulletsNorth America
  • Treasuries have modestly lifted from Friday’s recent lows after a sustained sell-off through last week. The PBOC vowing to forcefully expand domestic demand has had no sign of hawkish spillover owing to similar commentary from last week’s readout.
  • Cash yields are 1.5-2.8bp lower across the curve, with declines led by 3s in recent trade as WTI futures pare Friday gains.  
  • Putting today’s rally into perspective, 10Y yields are 2.4bp lower on the day at 4.373% after last week climbing from ~4.15% to peak at 4.405% on Friday.
  • TYH5 at 110-00+ (+ 04+) has slowly lifted away from Friday’s low of 109-26, on somewhat low volumes of 265k. That 109-26 marks initial support after which lies 109-22 (Fibo retrace of Nov 15-Dec 6 up-leg), clearance of which would firm the recent resumption of a bearish trend, whilst resistance is seen at 110-22 (20-day EMA).
  • Today’s focus is on flash US PMIs before retail sales tomorrow and then on course the FOMC decision on Wednesday.
  • Data: Empire mfg Dec (0830ET), S&P Global US mfg/serv/comp PMI, Dec prelim (0945ET)
  • Bill issuance: US Tsy $81B 13W, $72B 26W bill auctions (1130ET)
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  • Treasuries have modestly lifted from Friday’s recent lows after a sustained sell-off through last week. The PBOC vowing to forcefully expand domestic demand has had no sign of hawkish spillover owing to similar commentary from last week’s readout.
  • Cash yields are 1.5-2.8bp lower across the curve, with declines led by 3s in recent trade as WTI futures pare Friday gains.  
  • Putting today’s rally into perspective, 10Y yields are 2.4bp lower on the day at 4.373% after last week climbing from ~4.15% to peak at 4.405% on Friday.
  • TYH5 at 110-00+ (+ 04+) has slowly lifted away from Friday’s low of 109-26, on somewhat low volumes of 265k. That 109-26 marks initial support after which lies 109-22 (Fibo retrace of Nov 15-Dec 6 up-leg), clearance of which would firm the recent resumption of a bearish trend, whilst resistance is seen at 110-22 (20-day EMA).
  • Today’s focus is on flash US PMIs before retail sales tomorrow and then on course the FOMC decision on Wednesday.
  • Data: Empire mfg Dec (0830ET), S&P Global US mfg/serv/comp PMI, Dec prelim (0945ET)
  • Bill issuance: US Tsy $81B 13W, $72B 26W bill auctions (1130ET)